Financial News

Farewell and hello to next HBOS chief
29 Jul 2006 source: yorkshiretoday.co.uk

OK, he doesn't officially quit as HBOS chief executive until July 31. But he's probably got a couple of days' holiday in the locker.Crosby, recently made Sir James, can go off on his trip knowing that he transformed the moribund Halifax Building Society into HBOS – one of the four biggest banks in the UK, thanks to its merger with Bank of Scotland.His interview with City Editor Eric Barkas appears ...

Inco gives up Falconbridge
28 Jul 2006 source: today.reuters.co.uk

By Rachelle Younglai TORONTO (Reuters) - Inco Ltd. (N.TO: Quote, Profile, Research) conceded defeat in its bid for fellow Canadian miner Falconbridge Ltd. (FAL.TO: Quote, Profile, Research) on Friday, ending a nine-month courtship and a drawn-out battle with Swiss-based Xstrata Plc (XTA.L: Quote, Profile, Research) for the copper and nickel producer. "Though a large number of Falconbridge sha ...

UPDATE: Chevron Earnings Up 8%, But Miss Expectations
28 Jul 2006 source: morningstar.com

SAN FRANCISCO (Dow Jones) -- Chevron Corp., the second biggest U.S. oil company, reported Friday an 18% rise in profit for the second quarter, lifted by near record-high oil prices and bigger production volumes following its takeover last year of Unocal Corp. But the company's overall performance lagged its peers and fell short of Wall Street expectations, triggering an early pullback that sent ...

Inco bows out of mines battle
28 Jul 2006 source: bbc.co.uk

Mining group Inco has pulled out of the battle for control of Canadian rival Falconbridge, leaving the field open to Anglo-Swiss firm Xstrata. Inco, also Canadian, said it would concentrate on a merger with US giant Phelps Dodge, as high metal prices continued to fuel bid activity. Inco's $17.3bn (£9.2bn) bid for Falconbridge ran out of time, with not enough shareholders accepting it. Xstrata remains favourite to win the mine with a bid that expires in August. Minerals scrum Xstrata  ...

Market report: Friday 6.3|
28 Jul 2006 source: thisismoney.co.uk

Sarah Marks, Evening Standard28 July 2006 THE recent rally in leading shares ran out of steam today, with the FTSE 100 struggling to make further gains following disappointing corporate news from the Pru, Legal & General, Shire and Anglo American subsidiary De Beers. OTHER STORIES Footsie comes close to 6000 FSA alert over economic climate Investors back Bolton split Dogs open le ...

UPDATE: Spain OKs E.ON's Takeover Of Endesa, But With Conditions ...
28 Jul 2006 source: morningstar.com

LONDON (Dow Jones) -- Spanish regulators gave the green light to German utility giant E.On AG's proposed takeover of Spain's Endesa SA, but they stipulated 19 conditions, including asset disposals, on the deal, valued at $34 billion. Spain's National Energy Commission said E.On would have to sell a number of Endesa's assets to complete the transaction, including an atomic reactor and three coal ...

Court hearing clears way for Alliance Boots debut
28 Jul 2006 source: today.reuters.co.uk

LONDON (Reuters) - The merger between the largest drugstore chain Boots Group (BOOT.L: Quote, Profile, Research) and Europe's second-biggest drug distributor Alliance Unichem (AUN.L: Quote, Profile, Research) will be consumated on Monday when the companies begin trading as one. Alliance Unichem said on Friday a court hearing had confirmed the reduction of capital, a procedural move allowing its ...

Loans slowdown hits A&L
28 Jul 2006 source: thisismoney.co.uk

Andrew Oxlade, This is Money28 July 2006 ALLIANCE & Leicester, the UK's seventh-largest bank, today admitted a slowdown in demand for personal loans had hit its earnings. PROFITS DOWN: Alliance & Leicester has been shifting fewer loans as Britain's £1 trillion debt problem begins to bite WANT TO KNOW MORE? TIP 1: Always shop around for the cheapest rates before borrowing - start with our quick view tables TIP 2: See our special section for dealing with debt  ...

UK results cloud Prudential profit rise
28 Jul 2006 source: today.reuters.co.uk

By Clara Ferreira-Marques LONDON (Reuters) - Prudential (PRU.L: Quote, Profile, Research) met market expectations with a 17 percent rise in first-half profit, but weaker UK results and a loss at Internet bank Egg took the shine off strong performances by its Asian and U.S. divisions. The life insurer, under pressure to produce strong results after it rejected a merger approach from rival Aviva (AV.L: Quote, Profile, Research) , moved on Friday to answer market calls for clarity on its strateg ...

£80m takeover battle looming for Everton
28 Jul 2006 source: thisismoney.co.uk

Evening Standard28 July 2006 AN £80m takeover battle for Everton looks set to break out just ahead of the kick-off of the Premiership season, the Evening Standard has learned. WANT TO KNOW MORE? Take interest in your team Footballers are new artistocrats Johnson seeks a place to Park UK soccer fans pay the most Villa cut half-year losses OTHER STORIES Free cash machines victory  ...

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